Insider Selling: Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) COO Sells 501 Shares of Stock

Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) COO Jeff E. Knight sold 501 shares of the firm’s stock in a transaction that occurred on Friday, November 22nd. The shares were sold at an average price of $56.52, for a total transaction of $28,316.52. Following the transaction, the chief operating officer now directly owns 51,653 shares of the company’s stock, valued at $2,919,427.56. This represents a 0.96 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website.

Crinetics Pharmaceuticals Stock Up 1.6 %

Crinetics Pharmaceuticals stock opened at $57.67 on Thursday. The business has a 50-day simple moving average of $55.48 and a two-hundred day simple moving average of $51.71. Crinetics Pharmaceuticals, Inc. has a 52-week low of $30.87 and a 52-week high of $62.53. The company has a market cap of $5.35 billion, a P/E ratio of -15.46 and a beta of 0.62.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last released its quarterly earnings results on Tuesday, November 12th. The company reported ($0.96) earnings per share for the quarter, missing the consensus estimate of ($0.91) by ($0.05). During the same period last year, the company posted ($1.01) EPS. Research analysts anticipate that Crinetics Pharmaceuticals, Inc. will post -3.75 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on CRNX shares. Cantor Fitzgerald restated an “overweight” rating and issued a $90.00 price target on shares of Crinetics Pharmaceuticals in a research note on Monday, September 16th. Oppenheimer reissued an “outperform” rating and issued a $73.00 target price (down from $74.00) on shares of Crinetics Pharmaceuticals in a research note on Friday, August 9th. JMP Securities reaffirmed a “market outperform” rating and issued a $80.00 price target on shares of Crinetics Pharmaceuticals in a research report on Friday, September 27th. HC Wainwright increased their price objective on shares of Crinetics Pharmaceuticals from $69.00 to $81.00 and gave the company a “buy” rating in a research report on Wednesday, November 13th. Finally, Citigroup raised their price objective on shares of Crinetics Pharmaceuticals from $70.00 to $74.00 and gave the company a “buy” rating in a research note on Thursday, November 14th. One investment analyst has rated the stock with a hold rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $70.18.

Hedge Funds Weigh In On Crinetics Pharmaceuticals

Institutional investors and hedge funds have recently bought and sold shares of the stock. Comerica Bank bought a new position in shares of Crinetics Pharmaceuticals in the first quarter worth about $33,000. Quest Partners LLC purchased a new stake in Crinetics Pharmaceuticals in the 2nd quarter worth approximately $42,000. Values First Advisors Inc. bought a new stake in Crinetics Pharmaceuticals during the 3rd quarter worth approximately $84,000. Allspring Global Investments Holdings LLC purchased a new position in Crinetics Pharmaceuticals during the third quarter valued at approximately $91,000. Finally, KBC Group NV boosted its position in shares of Crinetics Pharmaceuticals by 22.8% in the third quarter. KBC Group NV now owns 2,193 shares of the company’s stock worth $112,000 after purchasing an additional 407 shares during the period. 98.51% of the stock is currently owned by hedge funds and other institutional investors.

Crinetics Pharmaceuticals Company Profile

Crinetics Pharmaceuticals, Inc, a clinical-stage pharmaceutical company, focuses on the discovery, development, and commercialization of novel therapeutics for rare endocrine diseases and endocrine-related tumors. The company's lead product candidate is paltusotine, an oral selective nonpeptide somatostatin receptor type 2 agonist, which is in Phase 3 trial for the treatment of acromegaly; and Phase 2 trial for treating carcinoid syndrome associated with neuroendocrine tumors.